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Canada Data Response

16th March, 2012

Survey of Manufacturing (Jan.)

Although the disappointing 1.1% m/m drop in January's manufacturing sales volumes bodes poorly for GDP, the recent surge in auto sales at least points to much stronger retail and wholesale trade activity. As such, we estimate that January's GDP still grew by 0.1% m/m, which points to growth of 1.5% annualised or better this quarter.

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